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The Serious Fraud Office (SFO) has launched a criminal investigation into a $500 million (£302 million) London hedge fund after receiving complaints from investors and a referral by the City’s chief regulator.

The SFO said yesterday that it was investigating Dynamic Decisions Capital Management, a hedge fund based in Chelsea that was founded by an Italian finance professor five years ago.

It said that the case had been referred by the Financial Services Authority (FSA), which is understood to have been monitoring the fund for eight months.

Alberto Micalizzi, professor of finance at Bocconi University in Milan, was, until February,